OTC derivatives markets were an increasing source of vulnerability heading into the crisis. OTC derivatives markets contributed to the financial crisis. Credit derivatives facilitated the development and growth of the structured securities markets; and the purchasing, packaging, and distribution...

This note reviews outgoing U.S. consolidated regulatory and supervisory arrangements and explores options to strengthen them. Although U.S. consolidated regulation and supervision span from the smallest financial groups to the largest and most complex, much effort is focused on the latter. This...

Though The United States has experienced a devastating financial crisis owing to multifaceted factors, it started showing recovery. The authorities welcomed the program, which included strengthening microprudential regulation, establishing macroprudential responsibilities, strengthening market...

The assessment shows that despite challenging circumstances, Comoros has made progress on political and economic reforms under IMF-supported programs. Comorian authorities implemented a program for maintaining macroeconomic stability, reducing poverty, improving public financial management,...

The study shows that the global financial crisis has adversely affected Kuwait’s financial system, especially in the Investment Company (IC) sector. Stress tests indicate that, in contrast to the ICs, the banking system could broadly withstand significant shocks. The Central Bank of Kuwait's...

Kazakhstani banks continue to suffer from a high and rising stock of nonperforming loans. A centralized approach to asset resolution is warranted, and could be based on a reinvigorated Distressed Asset Fund. A robust and transparent public financial management system should be an integral part...

Kuwait’s economy was affected significantly by the global crisis. The financial sector experienced funding pressures and deterioration in asset quality. The economic outcome depends largely on government spending and the associated private investment. Stress tests indicate that the banking...

The paper gives statistical data on sectoral origin of gross domestic product at current prices and constant prices; expenditure at current market prices and at constant production in Kuwait. It provides data on disposal; and prices of oil and LPG; consumer and wholesale price index; output of...

Implementation of Chad’s first National Poverty Reduction Strategy was undermined by persistent internal conflict, weak governance, and lack of commitment to and ownership of economic and social reforms. The focus now is on the restoration of security, the improvement of governance, the...

Strong policies, resilient markets, and an improved external environment have helped Singapore tide over the recession. Singapore has a strong track record of proactive and forward-looking economic policymaking. Fiscal policy has regained its traditional medium-term orientation. Official reserve...